TI Clean Mobility

What TI Clean Mobility does

TI Clean Mobility Private Limited (TICMPL) is a wholly owned subsidiary of Tube Investments of India Limited (TII) and the dedicated electric vehicle arm of the Murugappa Group, established in February 2022 and headquartered in Chennai, India. Operating under the Montra Electric brand, the company manufactures electric commercial vehicles spanning four segments: electric three-wheelers (Super Auto passenger and Super Cargo cargo platforms), electric small commercial vehicles (via TIVOLT Electric Vehicles), electric heavy commercial vehicles (Rhino 5538 EV truck series via IPLTech Electric, featuring 282 kWh LFP battery, 380 HP power, and 2000 Nm torque), and electric tractors (via Cellestial E-Mobility). Manufacturing infrastructure includes a primary facility in Chennai and a Manesar plant housing a fully automated battery assembly line supporting vertical integration of battery pack production.

The company's business model is predominantly hardware sales of electric commercial vehicles, with revenue derived from direct enterprise sales to large fleet operators (e.g., UltraTech Cement for heavy trucks), a 117-outlet dealership network covering an estimated 65-70% of India's electric three-wheeler addressable market (with named partners Vigsons Automobiles and Action Volt Wheels), and emerging export channels to Nepal, Tanzania, and West Africa. Unit pricing spans Rs 4.37 lakh for Super Cargo to Rs 1.15 crore for Rhino 5538 4x2 electric tractor-trailers, with PM E-DRIVE government incentives providing up to Rs 9.6 lakh per e-truck. The company claims over 40% market share in India's electric heavy truck segment.

Financially, standalone FY26 revenue was Rs 248 crore (down from Rs 274 crore in FY25), with a widened pre-tax loss of Rs 264 crore versus Rs 122 crore in FY25, while subsidiaries TIVOLT and IPLTech Electric showed strong revenue ramp (Rs 117 crore and Rs 227 crore respectively in FY26). Cumulative investment has crossed Rs 3,000 crore, including Rs 2,840 crore in total fundraising (notably Rs 310 crore from M&G Investments) and Rs 1,000+ crore from parent TII. Management is targeting top-3 position in India's electric medium and heavy commercial vehicle segment with a Rs 8,866 crore ($1 billion) revenue goal by 2030.

Name

TI Clean Mobility

Legal name

TI Clean Mobility Private Limited

Website

https://tiindia.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

TI Clean Mobility, a wholly owned subsidiary of Tube Investments of India (Murugappa Group), manufactures electric commercial vehicles under the Montra Electric brand, including three-wheelers, small commercial vehicles, heavy trucks (Rhino 5538), and electric tractors, serving fleet operators, logistics firms, and enterprises across India and select international markets.

Ownership category

akta.pro rank

Product category

Electric Commercial Vehicles

NAICS

Motor Vehicle Manufacturing (3361), Motor Vehicle Body and Trailer Manufacturing (33621), Transportation Equipment Manufacturing (336), Motor Vehicle Electrical and Electronic Equipment Manufacturing (33632)

SIC

Truck Trailers (3715), Motorcycles, Bicycles & Parts (3751), General Industrial Machinery & Equipment (3560)

akta.pro primary industry

Truck & Commercial Vehicle Electrification Manufacturing (eAxles/Battery Packs/Fuel Cells) (IMACABAK)

akta.pro secondary industries

Light Electric Vehicles (NEVs/LSEVs/Quadricycles) Manufacturing (IMACAOAC), Battery Pack & Module Manufacturing (EV) (IMACACAA)

Keywords

• Electric commercial vehicles
• Electric three-wheelers
• Heavy electric trucks
• Electric tractors
• Clean mobility solutions

Headquarters

HQ city

Chennai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Electric Vehicle Sales: Sale of electric commercial vehicles including three-wheelers, small commercial vehicles, heavy trucks, and electric tractors. Revenue generated through direct enterprise sales and dealership network. Product portfolio spans L5M vehicles, tractors, and light/heavy commercial vehicles.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

TI Clean Mobility manufactures and sells electric commercial vehicles under the Montra Electric brand, including electric three-wheelers (Super Auto for passengers and Super Cargo for cargo), heavy-duty electric trucks (Rhino 5538 series), electric small commercial vehicles, and electric tractors. The company serves commercial fleet operators, logistics companies, cement and mining operators, agricultural customers, and last-mile mobility buyers through direct enterprise sales and a dealership network of 117 outlets. Its vertically integrated operations include a fully automated battery assembly plant at Manesar supporting the production of PM E-DRIVE certified vehicles.

Differentiator

Problem solved

Functional benefit

Brands

• Montra Electric: Electric vehicle brand under TI Clean Mobility offering electric three-wheelers (Super Auto, Super Cargo), electric heavy commercial vehicles (Rhino truck series), electric small commercial vehicles, and electric tractors
• Super Auto
• Super Cargo
• Rhino 5538

Products and services

• Rhino 5538 4x2 Electric Tractor-Trailer Heavy-duty 4x2 electric tractor-trailer with 282 kWh LFP battery, 380 HP power, 2000 Nm torque, and approximately 198 km range, priced at Rs 1.15 crore. Designed for high-utilisation heavy commercial transport operations including logistics, mining, and cement sectors. Targets fleet operators seeking PM E-DRIVE certified vehicles for diesel cost reduction and fleet electrification.
• Rhino 5538 EV 6x4 Tractor Trailer (PM E-DRIVE Certified) India's first PM E-DRIVE certified heavy-duty electric truck in 6x4 tractor-trailer configuration. Features 282 kWh LFP battery, 380 HP power, 2000 Nm torque, and approximately 198 km range. Anchor customer UltraTech Cement deploys the truck for cement logistics operations. Eligible for PM E-DRIVE government incentives up to Rs 9.6 lakh per vehicle.
• Montra Electric Super Auto Electric L5M three-wheeler for passenger transport, forming the foundation of the Montra Electric brand in India's last-mile mobility segment. Exported to Nepal, Tanzania, and West African markets as part of international expansion.
• Montra Electric Super Cargo Electric three-wheeler cargo vehicle priced at Rs 4.37 lakh, targeting cargo transport operators and last-mile delivery fleet customers seeking diesel alternatives for urban logistics.
• Electric Small Commercial Vehicles (TIVOLT)

Quantifiable outcome

• Over 40% market share in electric heavy truck segment in India
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• TIVOLT Electric Vehicles Private LimitedcoreOthersTI Clean Mobility acquired remaining 5.45% stake in TIVOLT Electric Vehicles for Rs 30 crore on March 31, 2026, making TIVOLT a wholly owned subsidiary. TIVOLT demonstrated remarkable revenue growth from Rs 5.21 crore in FY24-25 to Rs 81.55 crore by December 2025.
• Sundaram & SrinivasanminorOthersSundaram & Srinivasan resigned as statutory auditors of TI Clean Mobility effective July 30, 2026, after serving since June 2022. This routine corporate governance change allows Tube Investments to appoint a common auditor across the group.

Scale indicators8 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Mahindra Electric: Electric three-wheeler (Treo) and LCV (Zor) manufacturer under the Mahindra Group. Directly competes with TICMPL across passenger and cargo e-3W segments, leveraging Mahindra's dealer/service network.
• Euler Motors: India-based electric three-wheeler and light commercial vehicle manufacturer focused on last-mile delivery. Directly competes with Montra Electric's Super Auto and Super Cargo product lines in the Indian e-3W market.
• Altigreen Propulsion Labs: Bengaluru-based manufacturer of electric three-wheeler cargo vehicles for last-mile delivery. Directly competes with Montra Electric Super Cargo in the e-cargo 3W segment, with similar fleet-operator GTM.
• Omega Seiki Mobility: Indian electric three-wheeler and small commercial vehicle manufacturer with product overlap to Montra Electric's e-3W portfolio. Targets similar logistics and last-mile delivery use cases.
• Kinetic Green: Manufacturer of electric three-wheelers (passenger and cargo) and two-wheelers in India. Directly competes in the e-3W segment with comparable pricing and dealership-led distribution.
• JBM Auto: Indian manufacturer with electric bus and commercial vehicle programs. Competes in the Indian e-CMV space, particularly for institutional and government fleet contracts that overlap TICMPL's enterprise customer base.

Broad incumbents

• BYD: Global EV manufacturer expanding into commercial vehicles including electric trucks. While primarily a passenger EV giant, BYD's vertical integration (including batteries) and entry into Indian commercial segments positions it as a broad incumbent competitor.
• Tata Motors: India's largest commercial vehicle manufacturer with growing EV portfolio including Tata Ace EV. While not exclusively electric, Tata's dealer network and fleet relationships make it the dominant incumbent competitor in the e-CMV segment.
• Ashok Leyland (Switch Mobility): Subsidiary of Ashok Leyland focused on electric buses and light commercial vehicles. Competes directly with TICMPL's heavy truck (Rhino 5538) and LCV segments, backed by a much larger parent OEM.

Emerging players

• Xos Trucks: US-based manufacturer of Class5-8 electric trucks targeting last-mile delivery and logistics fleets. Comparable in product category (heavy electric trucks) but operates in a different geography and is at an earlier commercial scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/tube-investments-of-india-limited
• Facebookfacebook.com/tiindia.official

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds4 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TI Clean Mobility